LVMH Holds Regular in H1 2025 as Dior and Sephora Drive Resilience in Cosmetics Retail

THE WHAT? LVMH reported income of €39.8 billion for the primary half of 2025, with its Perfumes & Cosmetics division remaining secure and Sephora persevering with to ship income and revenue progress.

THE DETAILS Group income declined 4% year-on-year, with revenue from recurring operations down 15% to €9 billion. Perfumes & Cosmetics reported €4.08 billion in income (down 1% reported, flat organically), whereas revenue dipped 4% to €425 million. Christian Dior remained a progress engine, led by the continued success of Sauvage and J’adore, alongside new launches in make-up and skincare. Guerlain noticed strong traction with refreshed Abeille Royale skincare and its Aqua Allegoria perfume line. Maison Francis Kurkdjian and Givenchy additionally contributed with new scent and make-up improvements.

Sephora, a part of LVMH’s Selective Retailing division, delivered a standout efficiency. The retailer posted income and revenue progress regardless of a excessive prior-year base, pushed by robust omnichannel execution and market share features throughout key geographies. Sephora’s differentiated product combine and world loyalty technique continued to underpin its management in status magnificence retail.

THE WHY? LVMH’s cosmetics resilience in H1 2025 stems from robust model fairness, innovation pipelines, and a centered retail technique. Whereas geopolitical and financial pressures weighed on tourism-driven gross sales and discretionary spending, the regular efficiency of Dior and Guerlain, mixed with Sephora’s continued momentum, spotlight the group’s power in premium magnificence. The outcomes affirm that perfume, skincare, and omnichannel retail stay shiny spots within the broader luxurious panorama.

Supply: LVMH